Bancorp of New Jersey in Fort Lee removed one its own directors after suing him over a defaulted loan.
The $835 million-asset company disclosed in a regulatory filing Friday that Carmelo Luppino Jr. was disqualified from serving on its board after going into default as borrower and guarantor on about $6.5 million in credits owed to its bank.
The bank filed a lawsuit in the Superior Court of New Jersey last week in an effort to collect. That lawsuit triggered the disqualification.
Luppino is a real estate developer, general contractor and managing member of Luppino Homes. He is also the nephew of Rosario Luppino, another Bancorp of New Jersey director.
